Growth moves down the corridor of US-1, maybe not at the speed or intensity of the commercial property pricing drops or increases from east to west, north to south, but nonetheless, it moves.
The pandemic has hit so many small “mom and pop” towns with lethal blows to their economy and small business bases. As a local resident, I have been discouraged by seeing businesses close up over the COVID-19 pandemic, but I have also been encouraged by the way that the Oxford/Nottingham community has pulled together to support local and helped existing businesses sustain and even thrive in spite of the challenges they face, and as a bonus, encourage new entrepreneurship within the area with new “pop-up” establishments, like the “Rudolph’s Bourbon Bar” over the Christmas Holiday Season. Our local leaders really stepped up to the challenge of the “new normal”. Cameron’s Hardware helped us by offering no-contact pickup, and other retailers offered delivery via UBER eats and DoorDash. We saw what I’d like to call “Creative Sustainability” all around us. Existing local businesses like DuBarry have created brick-and-mortar spaces fronting on “Oxford Main Street” and are doing quite well. Home to great local eateries like Sawmill Grill, The Octoraro Tavern & Grill, Wholly Grounds, La Sicilia, Andres, the Nottingham Creamery, and Little Miss Oxford Diner, this town is full of character and charm. The new parking garage is a tremendous benefit to the retailers in our area. Oxford is also home to large businesses such as Neuchatel Chocolates, Tasty Baking Company, and The Scotts Company.
We are watching local entrepreneurs emerging such as the Whisky Shack, Smokin Dragons, Pickled Pickles, and Sweet Cakes, bringing new life and excitement to our area.
The Preston & Steve Show featured our own BellyBusters as one of the top 10 cheesesteaks of 1,000 different varieties taste-tested in the area! Now that’s impressive! Oxford Mainstreet Inc. announced that First Fridays will be starting up again in April. That’s just around the corner! There’s a lot of positive things going on in Southern Chester County during this arduous pandemic.
We have a unique opportunity available within the borough limits to present to you:
His legacy and impact live on. Martin Luther King, Jr. dedicated his entire existence to a non-violent challenge to the civil and racial injustice in America.
In a sermon he delivered in 1956, he impacted the congregation with this sobering thought, ““I am afraid that many among you are more concerned about making a living than making a life. You are prone to judge the success of your profession by the index of your salary and the size of the wheelbase on your automobile, rather than the quality of your service to humanity. The misuse of Capitalism can also lead to tragic exploitation.”.
In 1964, he conducted a lecture in which he challenged the hearers, “”I am only too well aware of the human weaknesses and failures which exist, the doubts about the efficacy of nonviolence, and the open advocacy of violence by some. But I am still convinced that nonviolence is both the most practically sound and morally excellent way to grapple with the age-old problem of racial injustice.”
In his final speech, less than 24 hours before his assassination, he charged the striking sanitation workers with this, ““We’ve got to give ourselves to this struggle until the end. Nothing would be more tragic than to stop at this point, in Memphis. We’ve got to see it through. And when we have our march, you need to be there. Be concerned about your brother. You may not be on strike, but either we go up together, or we go down together.”
How are you celebrating his legacy of faith, freedom, service and justice today?
Leave us a comment below and share with us how you are celebrating MLK’s legacy today….
The love/hate relationship that seems to be forming between the Commercial Real Estate industry and Marijuana may or may not be on your radar, but it is reality.
Fully legal in nine states, one inhabited territory, three native-American reservations, not to mention Washington D.C., it’s impact has been felt across multiple industries. Some cheer, others protest, but regardless, we in the commercial real estate industry need to be educated on the basic legalities as it has become commonplace for medical use and in some areas, recreationally acceptable as well. The federal law mandates that it be grown and manufactured in the state in which it is sold/consumed.
The demand and, in turn, the value for warehouse and industrial properties has significantly increased in affected regions. Climate controlled warehouses and distressed properties including former storage, data, and manufacturing are all being acquistioned and repurposed. Even the limping retail sector has been affected as in those states where retail sales have been sanctioned, as marijuana retail shops have breathed life into some of those long-time vacancies.
Here’s a run down of the basics for our region:
Pennsylvania: Medical Marijuana approved by Governor Wolf in April of 2016
Maryland: Decriminalized and Medical Use/Manufacturing/Distribution approved
Delaware: Decriminalized and Medical Use/Manufacturing/Distribution approved
New Jersey: Governor Jon Corzine signed Medical Marijuana law in January of 2010
There are concerns that this may be another real estate bubble that eventually pops. Even though concerns remain, this industry has sparked new property interest and investment pursuits that we in the industry cannot deny. Both Brokers and Property Owners alike seem to be riding the wave while they can. Time will tell as always.
This town that was originally granted to a a ship captain by William Penn himself. In 1762, Phineas Eachus and Chest Weaterson were given a license to construct a tavern in West Chester, PA. This former “no-name” tavern operated for almost 200 years as a tavern/hotel and served as a pseudo-stock exchange platform (on its front porch) for the local banks in the town, where the public could purchase in an auction format.
Known as the dining destination for the Brandywine Valley, West Chester has recently received new notariety as the fastest growing town in entire state of Pennsylvania. Why do newcomers flock to West Chester to do life?
There is a merger expected to join West Grove and New Garden police departments in January 2017. It is said that this is in an effort to economize the police department to scale, so that they can improve and enhance their services to the local communities. At this point, New Garden is said to be bearing the brunt of the costs at a liability of 80% while West Grove, a smaller municipality will be responsible for 20% of the costs. It is the hope that a “larger operation” would stabilize coverage and improve investigations. There is talk of a new facility as well, but no concrete detail on that as of yet. Read more via the link provided below.
An Allentown company, CrossAmerica Partners LP and its partner CST Brands Inc have conjoined in an agreement for the purchase of Erickson Oil Products Inc. and specific related assets. CrossAmerica is a leader in wholesale distribution of motor fuels. This $85M deal will allow CrossAmerica to initially operate all of the Freedom Valu convenience stores, but is expected to transfer the operations over a period of time. Gary Vander Vorst, President of Erickson Oil feels that this acquisitions will promote Erickson’s growth and cause it to be more competitive. This opportunity has also opened new doors to new markets for CST and CrossAmerica. The transaction is scheduled to close in the first quarter of 2015.
As the housing market slowly attempts to turn the corner, the rental demand remains high for our particular region. Some areas report up to 20% increases in rental inventory. New construction is playing a large part in those numbers. Does this mean that the financial institutions are loosening up the purse strings for development loans? Possibly. In 2011, there was a 60% increase in Multi-Family Development Lending as compared to the previous year on a national level. The Census Bureau reported one outstanding statistic that 53% of the total number of renter households faced a housing cost burden last year. Unemployment remains high. Affordable housing is a treasure anxiously sought after. Rental rates remain high even paired alongside of the housing market slight improvements. Right now as it stands, renters make up approximately 22.64% of the Chester County, PA, population. 4.97% of houses and apartments in Chester County, PA, are unoccupied (vacancy rate).